Japan's Prime Minister Fumio Kishida revealed he will not run for the presidency of his Liberal Democratic Party in September.
He will end a three-year term laced by political scandals, rising living costs and record defense spending that will pave the way for a new premier to address the impact of rising prices.
This decision will see the appointment of a new leader of the world's fourth-biggest economy.
Among these named as the potential successors include Shigeru Ishiba, a centrist former defence secretary, and Taro Kono, the flamboyant digital Minister.
Also female candidates could be considered for the position, raising the possibility of Japan having a woman Prime Minister for the very first time.
During a press conference at his office Kishida said, "In this presidential election, it is necessary to show the people that the LDP is changing and the party is a new LDP."
“For this, transparent and open elections and free and vigorous debate are important. The most obvious first step to show that the LDP will change is for me to step aside," he continued.
Kishida further went on, " I will now focus on supporting the newly-elected LDP leader as a rank-and-file member of the party."
For the unversed, the ultra-conservative security minister Sanae Takaichi, and the former Internal Affairs minister, Seiko Noda, stood against Kishida in the 2021 leadership race and could decide to run again.
The foreign minister, Yoko Kamikawa, has also been mentioned as the potential candidate.
To note, as the country's eight-longest serving post-war leader, Kishida helped Japan get out of the COVID pandemic crisis with a massive stimulus spending.
Fumio Kishida's departure would mean tighter fiscal and monetary conditions.
